KUALA LUMPUR (Feb 19): Luxchem Corp Bhd’s net profit jumped 68.5% to RM16.13 million in the fourth quarter ended Dec 31, 2020 (4QFY20) from RM9.57 million a year earlier on the back of an improved performance in the manufacturing segment.

According to an exchange filing, the group’s revenue grew 17.7% to RM220.23 million from RM187.16 million in the previous corresponding quarter, mainly attributable to the trading segment.

Earnings per share grew to 1.8 sen from 1.07 sen previously.

The petrochemical distributor declared a single tier interim dividend of two sen per share, payable on May 12, 2021.

For the full financial year ended Dec 31, 2020 (FY20), Luxchem’s net profit grew 27.2% to RM47.89 million from RM37.65 million a year ago. The company’s annual revenue, however, dropped 5.12% to RM726.26 million from RM765.48 million.

“The group’s performance can be affected by fluctuations in the exchange of the US dollar, raw material price fluctuations, raw material demand and supply situations, competition and current Covid-19 pandemic situation,” said the group on its prospects.

Luxchem added that it will continue to improve its own productivity and efficiency to face these external uncontrollable factors.

As at 4.15pm, Luxchem’s share price rose two sen or 2.45% to 81 sen, with some 1.45 million shares traded. This gave it a market capitalisation of RM748 million.